Tax Services

YOUR TAX PARTNER

We believe that tax awareness is vital to successful wealth management. At Brandywine Wealth Management LLC we do more than prepare tax returns. We analyze them for specific ways to potentially reduce taxable income. By asking the right questions and understanding your specific needs, we are able to gather the information needed to not only prepare the returns, but also identify and implement valuable tax planning strategies.

ROTH CONVERSION ANALYSIS

We can help you decide if a Roth conversion is right for you. Qualified accounts like IRAs have been used to defer tax and save for retirement for many years. The assumption was in retirement you would be in a lower tax bracket. But, contrary to what people think, many retirees end up in a higher tax bracket. This can happen when you start taking Social Security, begin taking required minimum distributions or when a spouse dies. New tax laws are making it easier to convert qualified accounts to a Roth IRA. By paying the tax now, you may be able to avoid higher tax rates in the future and tax shelter additional money.

CALCULATING COST BASIS

When deciding to sell assets it is important to know what you originally paid, as the resulting gain or loss will directly affect your tax liability. Unfortunately, coming up with accurate cost basis can be very difficult particularly for individual securities as many companies are sold or go through mergers and stock splits. Reinvesting dividends will also impact your basis. Working from your records and from information available through various companies, we can help document your basis as well as help you make wise investment decisions.

YEAR-ROUND SUPPORT

A lot can happen in a year. We work with you year-round to help minimize your tax burden. If your situation changes, or tax laws change, we are available to review the tax impact.